SEC
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SEC’s Bid to End Order Protection Rule Stirs Industry Debate
The SEC proposal to rescind Rule 611 in Reg NMS and related rules on locked-and-crossed markets is sparking debate on how fundamental changes to US equity market structure could impact the future of electronic trading. …
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SEC’s Broader Reg NMS Overhaul Could Delay Access Fee, Tick Sizes
Efforts to implement the revised rules on access fee caps and tick-size increments that drive US equity trading could face delays as the SEC considers more radical changes to Regulation NMS, according to market participants. …
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Three Themes to Watch: Tokenization, Reg NMS Overhaul, and 24/5 Trading
Last month’s STANY conference delved into issues and trends that are reshaping the future of capital markets, such as anticipated changes to Reg NMS, building the rails for digital assets, tokenization, and preparing the pipes …
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Top Themes Heading into 2026: Market Structure, Liquidity and Regulations
Looking back while heading into 2026, several themes have stirred discussion across the trading landscape and industry panels. From the rise of hosted pools in ATSs to the evolution of Treasury market structure, bilateral liquidity has …
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The Order Protection Rule: Is an Equity Market Structure Shake-Up Ahead?
As brokers and asset managers look ahead to 2026, the Securities and Exchange Commission is reconsidering the Order Protection Rule under Regulation NMS – a move that could reshape U.S equity market structure and redefine …
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SEC Updates Tick-Size and Access-Fee Rules, Industry Reacts
Retail and institutional investors will soon be able to trade in smaller increments on most U.S. stocks, as part of the SEC’s plan to overhaul equity market structure rules. On Sept. 18, the SEC’s five …
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What’s Next for the SEC’s Equity Market Structure Proposals in 2024?
Heading into 2024, US broker-dealers are anticipating a decision by the SEC on its four-equity market structure proposals, a set of rules which seek to revamp stock trading for both retail and institutional investors. But an additional proposal to ban volume-based pricing tiers could inject more complexity into the regulatory outlook for 2024.
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A Year in Review: Top Blogs in 2023
While the hottest topic in financial technology for 2023 was undoubtedly the rise of ChatGPT and large language models, other topics like consolidation of the buy-side trading desk, and the impact of T+1 on the sell-side remained in serious contention
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Industry Preps for T+1 Settlement Countdown
As banks, fund managers, and custodians gear up for what is one of the biggest changes in US market infrastructure to happen in recent times, there are implications for global trading desks and higher costs for operations and technology budgets.
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Consensus Emerges in Industry Reaction to SEC Stock Trading Overhaul
Industry participants have weighed in on the Securities and Exchange Commission’s proposals to revamp equity market structure, with many urging the regulator to take an incremental approach, to implement the transparency proposal and drop the controversial auction proposal.
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What’s Next for the Buy-Side Trading Desk?
One of the major themes for 2023 is the emphasis on multi-asset trading and the focus on efficiency and scalability across regions and countries. In the past, a trader focused on a single asset class such as equities or bonds, whereas today with the migration to electronic trading, the desk can automate workflows and manage executions across all asset classes.
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Top Sell-Side Trends for 2023
What are the top market structure issues for sell-side firms in 2023? With the new year off to a fast start, brokerage firms are facing a variety of evolving issues that could impact their trading businesses. On the horizon are proposed regulations to reform U.S. equity trading, increased best execution obligations, innovations in ATSs, 24-hour trading, and shortening the settlement cycle to T+1.